EFTA Document EFTA01453229

7 March 2014 Special Report: Russia: macro implications of increased geopolitical risk 2014 vs. 2008: fundamentals ale different In terms of domestic economic development, the key difference now compared to 2008 is that the economy is not overheated. Back in 2008 the pre- crisis period was characterised by massive net capital inflows, a booming stock market and real estate segment growth, as well as high growth rates in GDP and lending. This time Russia's financial markets are less overhea